Thor Mining PLC Pilot Mountain Tungsten Project Development Plan (4014Y)
December 01 2014 - 2:00AM
UK Regulatory
TIDMTHR
RNS Number : 4014Y
Thor Mining PLC
01 December 2014
1 December 2014
THOR MINING PLC
Thor Mining PLC ("Thor" or the "Company")
Development Plan
Pilot Mountain Tungsten Project - Nevada USA
The Directors of Thor Mining PLC' ("Thor") (AIM, ASX: THR) are
pleased to announce the Development Plan for the Company's recently
acquired Pilot Mountain tungsten project, in the US state of
Nevada.
The three stage development plan has been designed to optimise,
develop and permit the existing Desert Scheelite resource and
project Exploration Targets* through to project development ready
status.
*Exploration Targets are conceptual in nature and there has been
insufficient exploration to define a Mineral Resource under the
JORC Code and it is uncertain if further exploration will result in
the determination of a Mineral Resource.
The Desert Scheelite Indicated + Inferred Resource comprises 6.8
million tonnes @ 0.31% WO(3) , 0.17% Copper, and 22.8g/t
(grams/tonne) Silver, announced on 10 June 2014.
Table 1: Pilot Mountain Exploration Target summary
Tonnage % WO(3) Comment
(Mt)
------------------------ ------------------ -------- -------------------------------
Tier 1 Targets* 7.5 - 0.3 Based on historic
13.5 - 0.5 drill intersections
------------------------ ------------------ -------- -------------------------------
Tier 2 Targets* 3.5 - 0.3 Based on favourable
9.1 - 0.5 geology and proximity
to known mineralisation.
------------------------ ------------------ -------- -------------------------------
Total Exploration 11.0 - 0.3 Combined Tier 1 &
Target* 23.0 - 0.5 2
------------------------ ------------------ -------- -------------------------------
These targets are in addition to the Indicated
and Inferred Resource Estimate at Desert Scheelite,
below.
The Desert Scheelite Indicated + Inferred Resource
comprises 6.8 million tonnes @ 0.31% WO3, 0.17%
Copper, and 22.8g/t (grams/tonne) Silver, announced
on 10 June 2014.
Table 2: Desert Scheelite Resource Estimate
- Compliant with JORC 2012
---------------------------------------------------------------------------------------
Desert Resource WO(3) Ag Cu
Scheelite
------------ ---------- ------------------ -------------------- -------------------
Tonnes Grade Contained Grade Contained Grade Contained
% metal g/t metal % metal (t)
(t) (t)
------------ ---------- ------ ---------- -------- ---------- ------ -----------
Indicated 6,090,000 0.31 18,900 24.2 150 0.16 10,000
------------ ---------- ------ ---------- -------- ---------- ------ -----------
Inferred 700,000 0.30 2,100 9.1 10 0.24 2,000
------------ ---------- ------ ---------- -------- ---------- ------ -----------
Total 6,790,000 0.31 21,000 22.8 160 0.17 12,000
------------ ---------- ------ ---------- -------- ---------- ------ -----------
Note: Resource 100% owned by Thor Mining PLC
Pilot Mountain situated in south-western Nevada comprises the
Desert Scheelite, Gunmetal, Garnet and Good Hope deposits, all
within a 3 kilometre range of each other. A review of geological
data including recently unearthed archive data has been undertaken
to determine the project's development potential summarised in
Table 1.
http://www.rns-pdf.londonstockexchange.com/rns/4014Y_1-2014-11-30.pdf
Figure 1: Pilot Mountain Exploration Target Plan
Tier 1 targets have demonstrated tungsten mineralisation based
upon existing historic drill data generated largely by the Union
Carbide Corporation in the 1970s. This data, however, is not
adequate to support a resource estimate. Exploration Target values
quoted above for Tier 1 areas have been derived from extrapolation
of existing drill data.
Tier 2 targets do not have demonstrated tungsten mineralisation
but are deemed prospective as a function of favourable geology and
proximity to areas of known mineralisation. Exploration Target
values quoted above for Tier 2 areas have been derived by
comparison with similar Tier 1 target areas and factored for
relative size. Testing of Tier 2 targets will comprise part of the
second stage of the development plan.
The three stage development plan will comprise;
1. Confirmatory drilling of Tier 1 targets, enabling updated
resource estimate including Garnet and Gunmetal deposits, initial
scoping studies, and advancement of project permitting.
2. Expansion and infill of Tier 1 resource drilling and testing
of Tier 2 targets. Upgrade of resource estimates to enable initial
assessment of reserves. Continue project permitting, feasibility
and associated studies.
3. Completion of resource drilling and studies for reserve
estimate. Definitive feasibility study and project permitting.
Individual Exploration Targets and their derivation are provided
below.
Mr Mick Billing, Executive Chairman of Thor Mining:
"The potential for the Pilot Mountain project to be ranked as
one of the larger, non-Chinese, tungsten deposits should not be
discounted. Previous exploration was halted due to market forces,
rather than lack of targets. At Pilot Mountain, Thor has a number
of "walk up" drill targets along with very interesting longer-term
exploration opportunities. There is much to do, including follow up
work on very promising metallurgical testwork as well as other
environmental and other technical studies, however this has
potential to become a project of considerable substance."
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
David Hignell/ 383 5100 UK LLP Adviser
Jamie Barklem
Andrew Monk/ +44 (0) 20 VSA Capital Broker
Bhavesh Patel 3005 5000 Ltd
Alex Walters +44 (0) 7771 Cadogan PR Financial
713608 PR
+44 (0) 207
839 9260
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com, which includes a facility to
register to receive these updates by email.
Derivation of Exploration Targets
Table 3 below lists the individual exploration targets that have
been identified within the Pilot Mountain project area. Each target
is described below.
Table 3: Pilot Mountain Exploration Targets
Target Name Abbreviation Exp Target Totals
------------- ------------------ ------------- ------------------- -------------
TIER 1 Garnet GR 2 -3 Mt @ 7.5 to
Exploration 0.3 - 0.4% 13.5 Mt
Targets WO(3) at 0.2-
0.4%WO(3)
------------- ------------------ ------------- ------------------- -------------
Gunmetal GMS 2 - 3 Mt @
South 0.3 - 0.5%
WO(3)
------------- ------------------ ------------- ------------------- -------------
Desert Scheelite DSE 2 - 3 Mt @
East 0.3-0.5%WO(3)
------------------ ------------- -------------------
Good Hope GH 0.5-1.5Mt
@ 0.4 - 0.5%WO(3)
------------------ ------------- -------------------
Gunmetal GM 0.5-1Mt @
Mine 0.4 - 0.5%
WO(3)
------------- ------------------ ------------- ------------------- -------------
TIER 2 Greasewood GWS 0.5-1.5Mt 3.5 to
Exploration Spring @ 0.2 - 0.4% 9.1 Mt
Targets WO(3) at 0.2
- 0.4%WO(3)
------------- ------------------ ------------- ------------------- -------------
Good Hope GHZ 1 - 2Mt @
Zone 0.2 - 0.3%
WO(3)
------------- ------------------ ------------- ------------------- -------------
Desert Scheelite DSD 0.5-1.5Mt
(dip extension) @ 0.2-0.4%
WO(3)
------------------ ------------- -------------------
Gunmetal GMW 0.5-1Mt @
West 0.2 - 0.4%
WO(3)
------------------ ------------- -------------------
Garnet East GRE 0.1-0.3Mt
@ 0.2 - 0.4%WO(3)
------------------ ------------- -------------------
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